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Callon Petroleum Company Issues Guidance For Third Quarter, Full Year 2010

Callon Petroleum Company (NYSE: CPE) is issuing guidance for the third quarter and full year 2010. The guidance, found in the table below, is expressed in ranges for the detailed components.

Third Quarter and Full Year 2010

Guidance Estimates

(In thousands, except per production unit amounts)

Guidance for

3rd Quarter 2010

Guidance for

Full Year 2010

Estimated production volumes:

Natural gas (Bcf)

1.1 – 1.2

5.0 – 5.6

Crude oil (Mbo)

180 – 220

840 – 970

MMcfe/d

24 – 27

27 – 31

Lease operating expenses:

Cash

$ 5,000 – $ 6,000

$18,000 – $21,000

Non-cash

--

--

Total

$ 5,000 – $ 6,000

$18,000 – $21,000

General and administrative expenses:

Cash

$ 2,400 – $ 2,600

$11,100 – $11,700

Non-cash

1,100 – 1,200

4,600 – 4,800

Total

$ 3,500 – $ 3,800

$15,700 – $16,500

Interest expense:

Cash

$ 3,700 – $ 4,100

$15,900 – $16,800

Non-cash

(800) – (900)

(2,900) – (3,100)

Total

$ 2,900 – $ 3,200

$13,000 – $13,700

Medusa Spar LLC, net of tax

$ 100 – $ 125

$ 400 – $ 500

DD & A – Per Mcfe

$ 2.90 – $ 3.10

$ 2.90 – $ 3.00

Accretion expense

$ 600 – $ 700

$ 2,400 – $ 2,700

Income tax rate

0%

0%

Cash income tax rate

0%

0%

The preceding guidance estimates contain assumptions that we believe are reasonable. These estimates are based on information that is available as of the date of this news release. We are not undertaking any obligation to update these estimates as conditions change or as additional information becomes available.

Product Features:

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